As Puerto Rico and its creditors gear up for a meeting Monday, investors should not expect all parties to end up with a long-term solution, Lebenthal Holdings' president and CEO, Alexandra Lebenthal, said Friday.
"I think you look at Monday as a starting point. Nobody is expecting to come out of Monday with a definitive answer," Lebenthal said in an interview with CNBC's "Power Lunch."
Reuters reported Wednesday that the U.S. territory had hired Citigroup to act as a broker-dealer as it continues its search for a long-term solution to its debt problem. The news service also reported that Puerto Rico's governor, Alejandro García Padilla, and the island's creditors would meet for the first time since García Padilla told The New York Times the island's debt is unpayable.
"Ensuring the commonwealth's long-term economic health and sustainability will require a comprehensive set of solutions to the deep fiscal issues we currently face and we are committed to having honest conversations with all of the stakeholders with interests in the island," García Padilla said in a Thursday statement.
García Padilla made his remarks a day before Puerto Rico's Government Development Bank said it may look to exchange $4 billion in senior notes at below par in an attempt at fiscal restructuring.